Carwow secures significant funding boost

The Carwow Group has announced an additional £41m in funding to accelerate growth across the UK, Germany and Spain.

It has been backed by San Francisco venture capital firm Bessemer Venture Partners, with this investment raising the company’s value to £250m.

Carwow will use the capital to expand its service and grow stock, with additional focus on developing its online payment processes and improving its vehicle transport services.

Last year nearly £3bn worth of cars were bought through the platform, while revenues have increased 56% in the first half of 2024.

Growth

CEO John Veichmanis said: “Over the course of the last three years, we’ve worked tirelessly to develop our car-changing proposition in the UK, giving consumers access to thousands of partners that can help them buy a new car and sell their old one.

“Given the phenomenal reaction to our strategic blueprint in the UK, we’re excited to use this new funding to take our proposition to our existing businesses in Germany and Spain.”

Alex Ferrara, partner at Bessemer Venture Partners, added:

“Carwow’s consumer proposition is helping make car changing simpler for consumers across Europe. Its focus on using its content expertise and footprint to drive its commerce services through dealer partnerships makes it unique and compelling in the category.”